reverse transition probability. We compare the dynamics of unemployment and involuntary part-time employment to argue that … they reflect the operation of distinct labor-adjustment channels. While unemployment dynamics are driven by movements in …

unemployment. Spells of involuntary part-time work are different from unemployment spells: a full-time worker who takes on a part … unemployment risk alongside an additional risk of involuntary part-time employment. A calibration of the model consistent with U ….S. institutions and labour market dynamics shows that involuntary part-time work generates lower welfare losses relative to …